Underwriting Specialist - Management Liability D&O (Financial Institutions)

Nationwide; Chicago (IL); On-site; USD 96,000 - 179,000; Full time

Benefits offered by this job

Medical insurance

Dental insurance

Vision insurance

Life insurance

Disability insurance

Paid time off

401(k) with match

Pension plan

Casual attire

Job summary

Nationwide is seeking a skilled underwriter at the highest non-management level to assess a company's risk profile and determine pricing, coverage, terms, and conditions by analyzing financial documents and industry information for highly complex D&O pricing.

The role requires independent judgment, development of recommendations, and strong broker relationships to generate premium dollars and profitably manage a complex territory.

Qualifications

• 3+ years experience as a D&O and/or E&O underwriter.
• Strong knowledge of underwriting policies and insurance law.
• Ability to communicate complex underwriting concepts clearly.

Responsibilities

• Assess a company's risk profile and determine pricing, coverage, terms and conditions.
• Lead discussions with brokers to generate premium and manage relationships.
• Mentor other underwriters and support staff; train team members.
• Conduct research and development of new programs and forms; determine reinsurance needs.

Skills

Underwriting experience

D&O / E&O

Negotiation skills

Analytical skills

Financial analysis

Education

Finance/Economics

Risk management

Job description

If you’re passionate about helping people protect what matters most to them at a Fortune 100 company with nearly $70 billion in annual sales, as well as innovating and simplifying processes and operations to provide the best customer value, then Nationwide’s Property and Casualty team could be the place for you! At Nationwide®, “on your side” goes beyond just words. Our customers and partners are at the center of everything we do and we’re looking for associates who are passionate about delivering extraordinary care.

*This role does not qualify for employer-sponsored work authorization. Nationwide does not participate in the Stem OPT Extension program.*

Job Description Summary

As the highest, non-management level underwriter, responsible for assessing a company's risk profile and determines/negotiates the appropriate pricing, coverage, terms and conditions by independently analyzing a company's financial documents and other information for highly complex D&O pricing. Achieves team production and loss ratio goals within assigned territory by reviewing and analyzing claims, loss history and taking appropriate action on individual accounts. The underwriter works independently developing recommendations and applying judgment based on the financial analysis. Establishes and maintains effective relationships with brokers in order to generate premium dollars and profitably. Territory assignments are highly complex in nature concerning coverage and agent/broker/ relationships. Conducts research, development and presentation of new programs, forms and manuals. Responsible for determining appropriate reinsurance placement, if any, on individual accounts. Responsible for the training and mentoring of underwriting team members. Responsible for all management and marketing of that territory.

Key Responsibilities

• Responsible for assessing a company's risk profile and determines/negotiates the appropriate pricing, coverage, terms and conditions by analyzing a company's financial documents/operations/management/industry and other information. Including, but not limited to the company's viability, issues, governance, regulatory environment and experience. The underwriter analyzes, with a high level of technical expertise, exposures to loss, develops an adequate premium charge for the exposure, and determines appropriate endorsements and exclusions to address loss exposures for the insurance contract. Within department guidelines, places reinsurance, if any, for the account.
• Achieves team production and loss ratio goals within assigned territory through sound territory management and marketing. Works with more complex issues concerning coverage with agents and brokers. The underwriter continually analyzes premium and loss results in their territory by agency, state, major class of industry and by line of business. Performs file audits of individual risks for compliance with company guidelines, state regulations and reinsurance conditions. Development and implementation of specific action plans may be required.
• Handles highly complex policy maintenance items and other mid-term requests. Reviews endorsement requests and processes necessary changes to the policy. Follows up on outstanding information as required. Reviews claim activity and takes appropriate action.
• Independently establishes and maintains effective relationships with brokers in order to generate premium dollars and profitably. Travels to broker offices as required for marketing visits. Frequently entertains Brokers to market services and ensure strong relationship to write business. Meetings typically include CFOs, CEOs of client organizations and several Underwriters from other organizations.
• Leads underwriting meetings with Brokers, Clients, and other Underwriters. Meetings typically include CFOs, CEOs of client organizations and several Underwriters from other organizations. The CFO/CEO provides information. Underwriter clarifies and questions information provided by the client to appropriately assess the risk. Handles highly complex accounts and those that which potentially require higher limits of liability.
• Places reinsurance per department guidelines based upon the appropriate use of all reinsurance facilities used by the department, including various treaties, semiautomatic and facultative reinsurance. Maintains good working relationship with reinsures.
• Trains and mentors other underwriters. May have Underwriting Assistants reporting to this position indirectly.
• Other responsibilities include complex program research and development, form development, rate development, specials projects, technical assistance to complex and highly technical Brokers, as well as underwriting Assistants, and other Underwriters.

Typical Skills And Experiences

Education:

Undergraduate studies with focus in Finance, Accounting Economics, and/or Risk Management. Degree. Masters level degree preferred.

Experience:

Typically 3 or more years related experience as a D&O and/or E&O Underwriter. Ability to set work priorities in all aspects of multi-line underwriting support and rating. Some experience in the technical aspects of data management, imaging and procedures and processes helpful.

Knowledge, Abilities and Skills:

In-depth knowledge of lines underwriting policies, practices and procedures, insurance law and underwriting marketing principles and techniques. In-depth knowledge of financial documents, financial analysis, investments, market conditions essential. Legal knowledge related to insurance, contract and business law preferred. Ability to communicate highly complex underwriting concepts required. Ability to communicate persuasively and effectively, verbally, and in writing, interpersonally with individuals at various levels and groups via telephone, fax, e-mail and in person. Demonstrates advanced negotiation skills and highly effective ability to persuade. Ability to analyze highly complex insurance risks to determine acceptability including policy language, various commercial rating plans and methodologies, reinsurance. Thorough knowledge of job related computer software. Ability to devise business solutions to highly complex problems, implements the most appropriate, and monitor its effectiveness. Ability to make decisions without supervision.

Job Conditions

Working Conditions:

Normal office environment. Ability to travel locally and overnight for client meetings as needed.

ADA:

The above statements cover what are generally believed to be principal and essential functions of this job. Specific circumstances may allow or require some associates assigned to the job to perform a somewhat different combination of duties.

We have an array of benefits to fit your needs, including: medical/dental/vision, life insurance, short and long term disability coverage, paid time off with newly hired associates receiving a minimum of 18 days paid time off each full calendar year pro-rated quarterly based on hire date, nine paid holidays, 8 hours of Lifetime paid time off, 8 hours of Unity Day paid time off, 401(k) with company match, company-paid pension plan, business casual attire, and more.

Nationwide is an equal opportunity employer. We celebrate diversity and are committed to creating an inclusive culture where everyone feels challenged, appreciated, respected and engaged. Nationwide prohibits discrimination and harassment and affords equal employment opportunities to employees and applicants without regard to any characteristic (or classification) protected by applicable law.

We value the partnerships we have built with our preferred vendors. Nationwide does not accept unsolicited resumes from employment agencies. All resumes submitted by employment agencies directly to any Nationwide employee or hiring manager in any form without a signed Nationwide Client Services Agreement on file and search engagement for that position will be deemed unsolicited in nature. No fee will be paid in the event the candidate is subsequently hired as a result of the referral or through other means.

Nationwide pays on a geographic-specific salary structure and placement within the actual starting salary range for this position will be determined by a number of factors including the skills, education, training, credentials and experience of the candidate; the scope, complexity and location of the role as well as the cost of labor in the market; and other conditions of employment. If a Sales job, Sales Incentives, based on performance goals are possible in addition to this range.

The expected starting salary range for Specialist, Brokerage Management Liability Underwriting - E&S/Specialty : $96,000.00 - $144,000.00

The national salary range for Specialist, Brokerage Management Liability Underwriting - E&S/Specialty : $96,000.00-$178,500.00